Builder of ex-1MDB project mulls IPO

Bloomberg
Bloomberg12/3/2019 05:02 PM GMT+08  • 2 min read
Builder of ex-1MDB project mulls IPO
(Dec 3): Iskandar Waterfront Holdings is considering an initial public offering as early as next year, partly to help fund the US$33.5 billion ($45.8 billion) Bandar Malaysia project, according to people with knowledge of the matter.
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(Dec 3): Iskandar Waterfront Holdings is considering an initial public offering as early as next year, partly to help fund the US$33.5 billion ($45.8 billion) Bandar Malaysia project, according to people with knowledge of the matter.

The company known as IWH is working with at least one adviser for the listing that may fetch a valuation of about 30 billion ringgit ($9.8 billion), said one of the people, who asked not to be named because the information is private.

Bandar Malaysia was conceived under 1MDB, and languished when the troubled state fund struggled to finance the development amid corruption investigations. 1MDB then sought to sell a major stake in the project to developers IWH and China Railway Engineering Corp, before cancelling the deal amid a dispute over payments in 2017. In April, the government gave the developers another chance to revive the project in Kuala Lumpur.

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